News Column

BRIEF: Fairfield refinances $1.65M bond, lowers its interest rates

May 28, 2014

By Michael D. Pitman, Journal-News, Hamilton, Ohio



May 28--FAIRFIELD -- Fairfield City Council OK'd the city to reissue a $1.65 million long-term general obligation bond anticipation note in order to save money on interest payments.

The note was initially issued in 2012 combining two existing bonds -- a $750,000 bond for road improvements issued in 2012 and a $900,000 bond for wastewater improvements originally issued in 2002.

"As a result of our being able to maintain our highly coveted AA1 bond rating ... we are going to do some refinancing here which will enable us to secure lower entrance rates," Pizzano said. "We're fortunate to be in this position to do some refinancing to save us some money."

It is estimated the interest rate for the new bond anticipation note is expected to be between 1 percent to 2 percent. The refinancing process is expected to be completed by July 22.

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Source: Hamilton Journal News (OH)